Insurance & Savings Ombudsman Scheme is easy to talk to

In 2011-2012, 97.7% of people who
brought a complaint to the Insurance & Savings Ombudsman
Scheme said their case manager was helpful and easy to talk
to on the phone.

93.2% of people agreed the ISO Scheme’s
service was easy to use and 95.5% found the reasons for the
decision made about the complaint were explained
clearly.

Insurance & Savings Ombudsman, Karen Stevens,
said she was delighted by such feedback for another year.
“These survey results are a useful measure of how well we
are meeting consumers’ needs. The decision to bring a
complaint to us in the first place can be difficult for some
people. Complaint resolution requires sensitivity as it is
often a stressful time for the complainant - especially if
the outcome does not meet their expectations. Knowing that
consumers think we’re helpful and easy to talk to confirms
we’re doing a good job. It’s also pleasing to see that
people who have used the ISO service rate it so highly –
it shows they have confidence in the process.”

Since the
ISO Scheme was established in 1995, it has handled more than
39,554 enquiries and investigated more than 4,669 complaints
from consumers. The ISO Scheme has 17 years’ experience in
financial sector dispute resolution.

Regulation of the
financial services sector in 2010 led to the ISO Scheme’s
most significant expansion since its inception. Membership
expanded dramatically from about 50 insurance and savings
organisations to include all financial service providers.
Currently, the ISO Scheme has about 2,500 Participants,
including: insurance and savings organisations, financial
advisers, financial adviser businesses, finance companies,
brokers, QFEs, credit contract providers, trustees, trustee
corporations and other financial service providers.

About
40 complaints and over 800 complaint enquiries about the
Canterbury earthquakes have been received by the ISO Scheme.
“We understand it is likely to take some time for claims
to go through insurers’ internal dispute resolution
processes, before being able to be referred to us”, Ms
Stevens said. However, to provide as much information as
possible for earthquake affected residents and small
businesses in Canterbury, the ISO Scheme has produced
consumer information sheets, to assist with insurance
related issues, together with FAQs and case studies, all of
which are available on the website www.iombudsman.org.nz

Outcomes• 26% complaints settled, upheld
or partly upheld in favour of consumer, or
withdrawn• 74% complaints not upheld• about $1
million was paid to consumers who had their complaints
considered by the ISO Scheme (not including weekly
disability benefit payments under income protection,
superannuation or life policies).

Service• 97.7%
said their case manager was helpful and easy to talk
to• 95.5% said the reasons for the decision made about
their complaint were explained clearly• 93.2% said the
service is easy to use

More information can be found in
the Insurance & Savings Ombudsman Scheme’s 2012 Annual
Report, “Building on experience”; 17 years’
experience in financial sector dispute
resolution.

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